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CIA Exam Part 1 Questions With Correct Answers 2024
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CIA Exam Part 1 Questions With Correct Answers 2024
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CIA Exam Part 1 Questions With CorrectAnswers 2024
Acceptable .Risk .- .correct .answer.A .type .of .risk .that .revolves .around .the .business .impact
.that .would .be .experienced .if .certain .risks .became .realized. .The .loss .is .deemed .to .be
.acceptable; .no .additional .controls .are .warranted.
Acceptable .Risk .Level .- .correct .answer.A .risk .level .derived .from .an .organizations' .legal
.and .regulatory .compliance .responsibilities, .its .threat .profile, .and .its .business .drivers .and
.impacts.
Adequate .Control .- .correct .answer.A .level .of .control .that .is .present .if .management .has
.planned .and .organized .(designed) .in .a .manner .that .provides .reasonable .assurance .that
.the .organization's .risk .have .been .managed .effectively .and .that .the .organization's .goals
.and .objectives .will .be .achieved .efficiently .and .economically.
Audit .Risk .- .correct .answer.The .risk .that .internal .auditors .may .arrive .at .the .wrong
.conclusions .and .opinions .of .the .work .that .they .have .undertaken.
Compliance .- .correct .answer.Conformity .and .adherence .to .policies, .plans, .procedures,
.laws, .regulations, .contracts, .or .other .requirements.
Control .Deficiency .- .correct .answer.A .condition .that .warrants .attention .as .a .potential .or
.real .shortcoming .that .leaves .an .organization .excessively .at .risk.
Control .Environment .- .correct .answer.The .attitude .and .actions .of .the .board .and
.management .regarding .the .significance .of .control .within .the .organization. .The .control
.environment .provides .the .discipline .and .structure .for .the .achievement .of .the .primary
.objectives .of .the .system .of .internal .control.
Elements .of .the .Control .Environment .- .correct .answer.1) .Integrity .and .ethical .values
2) .Management's .philosophy .and .operating .style
3) .Organizational .structure
4) .Assignment .of .authority .and .responsibility
5) .Human .Resource .policies .and .practices
6) .Competence .of .personnel
, Control .Process .- .correct .answer.The .policies, .procedures, .and .activities .that .are .part .of
.a .control .framework, .designed .to .ensure .that .risks .are .contained .within .the .risk
.tolerances .established .by .the .risk .management .process.
Control .Risk .- .correct .answer.The .potential .that .control .activities .will .fail .to .reduce
.controllable .risk .to .an .acceptable .level.
Enterprise .risk .management .(ERM) .- .correct .answer.A .structured, .consistent, .and
.continuous .process .across .the .whole .organization .for .identifying, .assessing, .deciding .on
.responses .to, .and .reporting .on .opportunities .and .threats .that .affect .the .achievement .of
.its .objectives.
Event .- .correct .answer.An .incident .or .occurrence .resulting .from .internal .or .external
.sources .that .affects .the .implementation .of .strategy .or .achievement .of .objectives.
Impact .- .correct .answer.The .result, .effect, .or .consequences .of .an .event.
Inherent .Limitations .- .correct .answer.Limitations .of .risk .management, .control, .and
.governance .related .to .human .judgement, .resource .limitations, .and .the .need .to .balance
.the .costs .of .controls .in .relation .to .expected .benefits; .considers .the .reality .of .breakdowns
.occurring .and .the .possibility .of .management .override .and .collusion.
Inherent .Risk .(or .Absolute .Risk) .- .correct .answer.The .risk .derived .from .the .environment
.without .the .mitigating .effects .of .internal .controls
Likelihood .- .correct .answer.The .probability .that .a .given .event .will .occur.
Opportunity .- .correct .answer.As .related .to .risk, .an .uncertain .event .with .a .positive
.consequence.
Pervasive .Risk .- .correct .answer.The .type .of .risk .found .throughout .the .environment.
Residual .Risk .- .correct .answer.The .risk .remaining .after .management .takes .action .to
.reduce .the .impact .and .likelihood .of .an .adverse .event, .including .control .activities .in
.responding .to .a .risk.
Risk .Appetite .- .correct .answer.The .level .of .risk .an .organization .is .willing .to .accept.
Risk .Assessment .(or .Risk .Analysis) .- .correct .answer.The .identification .and .measurement
.of .risk .and .the .process .of .prioritizing .risk.
Risk .Classification .- .correct .answer.The .assignment .of .risk .into .categories, .such .as
.financial .risk, .operational .risk, .strategic .risk, .or .reputation .risk.
Risk .Identification .- .correct .answer.The .method .of .recognizing .possible .threats .and
.opportunities.
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